ADANI ENTERS EAST AFRICAN PORT SECTOR

Adani Ports is leading a consortium that has signed a 30-year concession agreement to operate Container Terminal 2 in Dar Es Salaam Port in Tanzania, heralding the Indian port operator’s entry into the East African market. The terminal has an annual throughput capacity of around 1 million TEU and handles arounds 83% of Tanzania’s total container volume. 

A new joint venture, East Africa Gateway Limited (EAGL), has been established between Adani as the lead shareholder and AD Ports Group and East Harbour Terminals Limited (EHTL). EAGL has signed an agreement to buy a 95% stake in Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings and Harbours Investment Limited for US$ 39.5 million. It is understood that Adani will operate the terminal through TICTS.

Karan Adani, Managing Director Adani Ports, says the company aims to become one of the largest port operators globally by 2030, with the company adding the Tanzania investment to earlier ones in Israel and Sri Lanka. He adds, “We are confident that with our expertise and network in ports and logistics, we will be able to enhance trade volumes and economic cooperation between our ports and East Africa.”

source : themaritimestandard